This script provides a custom Relative Strength Index (RSI) indicator that plots both the RSI of the selected stock and the Nasdaq (IXIC) on the same chart.
It offers a clear, side-by-side view to help traders better understand the stock's momentum relative to the overall market.
Key Features: RSI Calculation for the Stock:
The script calculates the RSI for the chosen stock, with a default period of 14, adjustable to fit different timeframes. The stock’s RSI is displayed in green 🟢, providing a direct view of its strength and momentum 📈.
RSI of the Nasdaq: The script fetches the Nasdaq’s closing prices and calculates its RSI, which is shown in red for clear comparison 🔴. Legend for Clarity:
A simple legend in the top-right corner identifies the green line as the stock’s RSI and the red line as the Nasdaq’s RSI, making it easy to interpret 📊.
Why Comparing the Stock's RSI to the Nasdaq Matters: Broader Market Context: Viewing both RSIs on the same chart helps you see whether the stock is moving in sync with the broader market or behaving independently. This provides valuable context for decision-making 📉.
Relative Strength Insights: Comparing the stock’s RSI to the Nasdaq’s RSI highlights whether the stock is outperforming or underperforming the overall market, helping identify potential opportunities or risks 🟢🔴.
Improved Risk Management: Monitoring overbought or oversold conditions in both the stock and Nasdaq RSIs can signal broader market trends and help avoid risky trades ⚠️.
Overall Benefit: By tracking the RSI of both the stock and the Nasdaq, this script offers a powerful tool for understanding a stock's relative strength, providing essential context for smarter trading decisions 🎯.
진정한 TradingView 정신에 따라, 이 스크립트의 저자는 트레이더들이 이해하고 검증할 수 있도록 오픈 소스로 공개했습니다. 저자에게 박수를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 출판물에서 이 코드를 재사용하는 것은 하우스 룰에 의해 관리됩니다. 님은 즐겨찾기로 이 스크립트를 차트에서 쓸 수 있습니다.